It depends on your financial strength, the quality of the property, how many properties you own, etc.I like to start with one significant expense and three months of vacancy.

Or we gradually perform high-quality updates for a live-in flip, then roll the equity into a new home.Regarding rental income, we aim to boost income, lower our effective tax rate by generating more low tax-drag income with rental income (since there’s not much we can do to lower out W2 tax bills) and have retirement cash flow.To compare the financial impact over 10-20 years, we want to analyze renting versus flipping.

And hopefully I can be financially independent by paying the mortgage down eventually.  

I would agree if we were talking about financial statements, but as I understand it, we are talking about tax basis reports.For tax purposes, one can use a modified cash basis when filing.

By following what I have outlined above, and notify the contractors you are hiring that that title company may call to verify payment, you get in front of the problem vs. being last minute reactive to the situation. 

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

if someone needs to borrow a few grand that's a pretty shaky situation.. 

Assuming the financials make sense to do this of course.  

They are really the only ones that can give you an accurate answer to your specific situation.

The information shared is based on my experience and industry knowledge and should not be considered legal, financial, or insurance advice.